Tullow focuses on West Africa
The Anglo-Irish producer is narrowing its scope for another transitional year
Debt-hobbled Tullow Oil will look to retrench to its core producing assets and exploration and development in West Africa as it tries to boost free cash flow (FCF) to further reduce borrowings. The firm expects to produce less oil year-on-year in 2021, due to a combination of deferred developments and planned maintenance. “The plan is focused on ensuring that Tullow’s producing assets in West Africa reach their full potential,” says Rahul Dhir, Tullow’s CEO. “We will leverage the new plan and our reduced cost base to generate positive FCF at current commodity prices, drive down our net debt and deliver a robust balance sheet.” The firm ended the year with $430mn in positive FCF. Tullow prod
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